The total board emolument of Macau gaming companies notched a historical high in 2024, 15% ahead of that in 2019, yet overall profits and market caps were 40% and 50% below 2019 levels, respectively, CLSA said in its report. Among them, only GALAXY ENT (00027.HK)  +0.100 (+0.261%)    Short selling $13.89M; Ratio 8.949%   , SJM HOLDINGS (00880.HK)  -0.040 (-1.299%)    Short selling $10.39M; Ratio 22.604%   , and MELCO INT'L DEV (00200.HK)  +0.010 (+0.195%)    Short selling $774.03K; Ratio 2.016%   have board emolument in 2024 that were below 2019 levels, mainly due to some directors retiring.

On the other hand, the Macau gaming industry will return a total of USD1.149 billion in cash to shareholders in 2024, 64% less than that in 2019, excluding SJM HOLDINGS and MELCO INT'L DEV, as they have not resumed dividends. Only GALAXY ENT and MGM CHINA (02282.HK)  +0.120 (+0.764%)    Short selling $1.35M; Ratio 2.910%   have board compensations aligned with dividends.

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Regarding buybacks, since 2H17, MELCO INT'L DEV and SANDS CHINA LTD (01928.HK)  +0.020 (+0.105%)    Short selling $18.82M; Ratio 16.635%   have cumulatively spent USD98 million on net share purchases in the open market. Conversely, SJM HOLDINGS, GALAXY ENT, MGM CHINA, and WYNN MACAU (01128.HK)  +0.030 (+0.464%)    Short selling $3.72M; Ratio 10.403%   have net sold USD111 million worth of company shares since 2H17.

GALAXY ENT and SANDS CHINA LTD were preferred.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-16 12:25.)